News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The Federal Reserve rate decision is likely to sway the near-term outlook for the price of gold as the central bank appears to be on track to scale back monetary support. Get your weekly gold forecast from @DavidJSong here: https://www.dailyfx.com/forex/fundamental/forecast/weekly/CHF/2021/09/18/Gold-Price-Outlook-Hinges-on-Fed-Rate-Decision-Forward-Guidance.html https://t.co/dWWxtErjK0
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/arxYmtQeUn https://t.co/4qxwiJsV1K
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/stMPuq0VXR
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/v6RGICQvge
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here: https://t.co/d8Re5anlG5 https://t.co/rws9LHJV3E
  • RT @FxWestwater: Japanese Yen Forecast: JPY Crosses Eye BoJ, CPI as Haven Flows Bolster Yen Strength Link: https://www.dailyfx.com/forex/fundamental/forecast/weekly/jpy/2021/09/18/Japanese-Yen-Forecast-JPY-Crosses-Eye-BoJ-CPI-as-Haven-Flows-Bolster-Yen-Strength.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https:/…
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/FVisZuTP6M
  • Stocks appear to be in a corrective phase but could get put to the test; levels and lines to watch in the days ahead. Get your weekly equities forecast from @PaulRobinsonFX here: https://t.co/H1BaTlIHjY https://t.co/zP3mjfslSD
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/Of1thU4zXw
  • Further your forex knowledge and gain insights from our expert analysts on AUD with our free guide, available today: https://t.co/p2FhEwym1E https://t.co/MjiYB85TSF
Asia Stocks Extend Declines. Euro Stoxx 50 Eyes ECB, Reversal Cues

Asia Stocks Extend Declines. Euro Stoxx 50 Eyes ECB, Reversal Cues

Daniel Dubrovsky, Strategist

Asia Pacific Markets Wrap Talking Points

Find out what retail traders’ equities buy and sell decisions say about the coming price trend!

Asia Pacific benchmark stock indexes mostly traded lower, echoing on weakness from Wednesday’s Wall Street trading session. Japan’s Nikkei 225 was one of the worst performers, declining over 0.8%. China’s Shanghai Composite fell roughly 0.2% heading into the close despite more rhetoric from government officials to support the economy.

China’s Finance Minister, Liu Kun, said that tax cuts are a top fiscal priority this year. Economic growth in the country has slowed to its weakest pace in a decade and estimate for GDP this year were lowered. Elsewhere, South Korea’s KOSPI aimed more than 0.4% to the downside while Australia’s ASX 200 continued climbing towards August highs.

Looking at the major currencies, the pro-risk Australian and New Zealand Dollars ended up cautiously gaining. AUD/USD rose alongside a pickup in two-year government bond yields, signaling ebbing dovish RBA monetary policy expectations. Earlier in the day, Australia’s trade surplus unexpectedly rose to its highest since December 2016. This may positively contribute to growth down the road.

Over the remainder of the day, all eyes will be on the ECB rate decision. It could be the next central bank, after the BoC yesterday, to disappoint hawkish monetary policy bets (as has been the case lately with the majors). Overnight index swaps are pricing in about a 30% chance of a hike by the end of the year. If this ends up being the case, EUR/USD may fall while equities, such as the Euro Stoxx 50, could find support.

Euro Stoxx 50 Futures Technical Analysis

Euro Stoxx 50 futures paused the ascent from earlier this year that has led to gains of about 14.5%. Resistance stopped the index at 3337, former support from July 2018 that came into play later in August. A shooting star candle highlights indecision which often leads to a turning point. A break under the near-term rising support line from the beginning of February opens the door to testing the next one from January.

Euro Stoxx 50 Futures Daily Chart

Asia Stocks Extend Declines. Euro Stoxx 50 Eyes ECB, Reversal Cues

Chart Created in TradingView

FX Trading Resources

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES